This weekend, Chevron Chairman and CEO Mike Wirth appeared on “Sunday Morning Futures” with host Maria Bartiromo to discuss how the ongoing conflict in Iran is affecting global energy markets.
Bartiromo began by noting, “I spoke with the Chairman and CEO of Chevron, Mike Wirth, on Friday.”
Wirth highlighted Chevron’s strong performance, stating, “This quarter has been marked by consistent execution, robust production, and unprecedented U.S. refinery throughput. Our global assets operated near full capacity, and we achieved a U.S. production record of almost 2.1 million barrels of oil equivalent per day.”
He added, “We achieved record refinery throughput, exceeding one million barrels a day, marking an all-time high in the U.S., with several refineries breaking records.”
Wirth emphasized the significance of these achievements, saying, “This is crucial at a time when the global energy system is under stress, and the demand for market and customer supplies has never been greater.”
Bartiromo remarked, “One of the standout points was the significantly higher oil prices, which is due to the conflict in Iran. Mike, I’d like to hear your thoughts on this.”
She recalled, “The last time we spoke, there were serious concerns about security and ships navigating the Strait of Hormuz.”
Wirth responded, “We have been investing to increase production and supply energy to the market.”
He continued, “The issues related to the conflict in the Strait persist, with new developments emerging daily.”
Wirth explained, “We now perceive risks and uncertainties not only in the Strait of Hormuz but also in the Red Sea and the Black Sea, expanding some of the challenges.”
Wirth stressed, “The risks to supply are very real, and global demand remains robust.”
He noted, “China is unexpectedly part of the narrative, as they have managed to reduce crude purchases, easing some demand-side pressure amidst these supply challenges and risks.”
Bartiromo questioned, “Has the Iran conflict permanently altered your perspective on geopolitical risk and energy security?”
Wirth reflected, “In my 44 years in this industry, we’ve seen conflicts in the Middle East and other regions create challenges for our industry, and the industry adapts. In the short term, we reroute supplies.”
Watch:
🚨 EXCLUSIVE: @Chevron Chairman & CEO #MikeWirth joined @MariaBartiromo to discuss the impact of the Iran conflict on global energy markets.
🗣️ “The situation remains somewhat fragile and uncertain.”
Wirth says ongoing risks in the Strait of Hormuz, the Red Sea, and the Black… pic.twitter.com/dZVbHMph3X
— SundayMorningFutures (@SundayFutures) August 2, 2026
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